Earnings at MGIC, Largest MI, Fall 43%

Earnings at the nation's largest mortgage insurance company, MGIC Investment Corp., fell 43% in the first quarter from the level recorded in the same quarter last year.Revenues were flat at $369.6 million, as were net premiums written ($304 million). Against earnings MGIC booked $181 million in losses, a 58% spike from those of the first quarter of 2006. According to the Quarterly Data Report, MGIC is the nation's largest mortgage insurer in terms of "policies-in-force," with $176 billion at year-end. The Milwaukee-based company is in the process of merging with Radian Guaranty, the nation's third-largest MI. MGIC can be found on the Web at http://www.mgic.com.